The annual inflation rate in the EU and euro area increased again in October reaching its highest level in more than 13 years, triggered by increased energy prices while Croatia came closer to the euro area average, according to data provided by the EU statistical office Eurostat on Wednesday.

The annual inflation rate, measured by Harmonised Indices of Consumer Prices (HICP), increased in the EU to 4.4% in October, which is its highest level since July 2008. In September the inflation rate was 3.6%.

The euro area annual inflation rate was 4.1%, its highest level in the past 13 years, Eurostat said, confirming its estimate from the beginning of the month. In September prices increased by 3.4%.

In October 2020 inflation was 0.3% in the EU whereas in the euro area it was -0.3%.

The annual inflation rate in the euro area in October reflects mostly an increase in energy prices of as much as 23.7% year on year.

Inflation was significantly impacted also by a jump in prices in Germany, Europe’s largest economy, where prices increased by 4.6%.

Croatia’s inflation similar to the Netherlands and Austria

All 27 member states had a higher inflation rate in October compared with September, with the highest inflation registered in Lithuania (8.2%), followed by Estonia (6.8%) and Hungary (6.6%).

In Croatia, consumer prices in October increased by 3.9% year on year, the strongest increase since February 2013. In September consumer prices increased by 3.5% whereas in October 2020 inflation was -0.2%.

Croatia’s inflation is comparable to that of the Netherlands and Austria, of 3.7%, followed by the inflation rate in Slovenia of 3.5%.

The lowest annual rates were registered in Malta, 1.4%, Portugal, 1.8%, and Finland and Greece, both 2.8%.